BREAKING NEWS

BREAKING NEWS

China's Fosun in exclusive talks to buy Italy top-end lingerie La Perla

Now Reading:

China's Fosun in exclusive talks to buy Italy top-end lingerie La Perla

China's Fosun in exclusive talks to buy Italy top-end lingerie La Perla
Text size Aa Aa

MILAN (Reuters) – The owner of Italy’s La Perla has agreed one-month exclusive talks with China’s Fosun <0656.HK> over the sale of a majority stake in the luxury lingerie group.

Italian entrepreneur Silvio Scaglia, the founder of telecoms group Fastweb, bought the ailing group for 69 million euros (£60.7 million) at a court-led auction in 2013 through family holding Pacific Global Management.

Scaglia has invested over 300 million euros in the company founded in the post-war years in the northern town of Bologna, with the aim of pushing the brand abroad, particularly in Asia.

The group, which has 30 boutiques, posted sales of 140 million euros this year and is expected to reach break even by the end of 2018, Scaglia said in a recent interview to Forbes.

The conclusion of the deal is subject to Fosun’s approval, a joint statement said.

Shanghai investment group Fosun, which owns holiday resort company Club Med, will “continue investing in the brand to develop its full potential as a global luxury fashion house…,” the statement said.

(Reporting by Giulia Segreti, editing by Stephen Jewkes)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.